The journal adjustment entries can be recorded by selecting the appropriate VAT Adjustments from the list, which displays as shown:
To create a VAT Interest Payable,
Go to Gateway of Tally > Accounting Vouchers > F7: Journal > Select the appropriate Voucher Class from the list displayed.
Select Interest Payable in the Used for field
Debit Interest ledger grouped under Indirect Expenses
Enter the Amount in the Debit field
Credit the Interest Payable ledger grouped under Current Liabilities
The credit Amount is automatically entered
Accept the journal voucher.
Note: The VAT Adjustment to be used for recording the adjustment entries will be displayed for selection based on the State and the Type of Dealer pre-defined in the F3: Statutory & Taxation Features. The VAT Adjustments displayed in journal voucher in this example pertains to Karnataka State.
'Journal Voucher' has been shared with
